SEC plans to promote registration and issuance and credit promotion reforms to expand financing and disclosure convenience for listed companies

According to an official announcement, the U.S. Securities and Exchange Commission (SEC) has proposed to amend the rules and forms related to registered issuance to improve the efficiency, flexibility and cost of public fundraising by listed companies, and at the same time simplify the information disclosure framework of listed companies. According to the proposal, more listed companies can conduct shelf offerings, more companies can apply the registration and communication facilities originally only open to "well-known mature issuers", brokers and dealers can provide research report coverage for more listed companies, and the registration and qualification requirements of state securities laws for multi-state registrations and issuance will be excluded from application at the federal level. According to another proposal, the threshold for large-scale accelerated filers is proposed to be increased from US$700 million to US$2 billion, and it will not be included in this category due to its circulating market value for at least 60 months after the IPO. The public solicitation period is 60 days after publication in the Federal Register.